by somichcpa | Sep 26, 2019 | Individual Taxes, Tax Tips
Each year, the IRS audits over 1 million tax returns. With agency resources shrinking, the IRS is more selective when choosing tax returns to audit. Knowing what the IRS is looking for can help you understand and reduce your audit risk. Here are five of the biggest...
by somichcpa | Sep 20, 2019 | Financial Planning, Individual Taxes, Retirement Planning, Tax Tips
Too often taxpayers receive tax surprises at year-end due to actions taken by mutual funds they own. What can add insult to injury is the unsuspecting taxpayer who recently purchases the shares in a mutual fund only to be taxed on their recent investment. How does...
by somichcpa | Sep 17, 2019 | Individual Taxes, Retirement Planning, Uncategorized
For the first time since 2013, the IRS is raising the contributions limits for IRAs. The maximum contribution for 401(k) accounts and IRAs is increasing by $500 for 2019. If you have not already done so, now is the time to plan for contributions into your retirement...
by somichcpa | Aug 27, 2019 | Corporate Taxes, Individual Taxes
Ohio Governor Mike DeWine recently signed two bills – House Bills 62 and 166, that enact several significant Ohio income tax changes for the upcoming tax filing season. The following income tax changes are effective for tax year 2019 (as reported on the return due...
by somichcpa | Jul 12, 2019 | Individual Taxes, Tax Tips
The more things change the more they stay the same. This is especially true when it comes to reviewing your tax situation. Mark your calendar to review these essential items each year to ensure you are not missing something that could cause tax trouble when you file...
by somichcpa | Jun 10, 2019 | Individual Taxes
Conduct an online search of the phrase “side hustle” and you will find websites with countless ideas on how you can make some money on the side. The ideas range from carpet cleaning to podcasting. What a lot of these sites fail to inform you, is the tax...
